The country’s largest diversified financial services group, BIHL Ltd, plans to leverage on data and Artificial Intelligence (AI) to provide more intuitive products for clients and digitise the solutions offered.
According to the group’s 2022 annual report released last week, BIHL views data as “the new oil” and insurers have reservoirs of assets that can be turned into business value that will affect the bottom line.
A trend research report by the group shows that human interaction will remain pivotal in the future, but advisors will be supported with data and artificial intelligence to deliver personalised insights with a human touch. The report says back-end processes will be automated, and AI will kick off processes based on predictions even before a human trigger.
BIHL believes that data-driven segmentation can help target customers more accurately at the point of certain life events to “deliver the right message at the right time”. The trends research shows that adults spend approximately 12% of a 24-hour day on their smartphones, making digital marketing key to interacting with customers.
One of the group’s priorities going forward is to focus on new channels and products to improve its client-centricity,
